1. Suppose that Pfizer moves to a 40 percent book leverage ratio ((long-term debt + other long-term liabilities)/total assets) by issuing debt and using the proceeds to repurchase shares. Consider only corporate taxes and assume that debt will be held constant to perpetuity. Reconstruct its book AND market balance sheets to reflect the new capital structure. How much additional value is added if the assumptions in the table are correct?

Book Values
Net Working Capital	$10,752	$8,144	Long-term debt
		21,460	Other long-term liabilities
Long-term assets	86,900	68,048	Equity
Total assets	97,652	97,652	Total value
Market Values
Net Working Capital	$10,752	$8,144	Long-term debt
PV interest tax shield	2,850	21,460	Other long-term liabilities
Long-term assets	283,373	267,371	Equity
Total assets	296,975	296,975	Total value

Please solve in excel and provide steps and formulas

Thank you